Allianz Asset Management GmbH cut its stake in shares of LendingClub Corp (NYSE:LC) by 26.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 919,145 shares of the credit services provider’s stock after selling 329,815 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.22% of LendingClub worth $5,598,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Quantbot Technologies LP purchased a new stake in shares of LendingClub during the 3rd quarter worth approximately $103,000. Prudential Financial Inc. raised its holdings in shares of LendingClub by 5.4% during the 2nd quarter. Prudential Financial Inc. now owns 22,850 shares of the credit services provider’s stock worth $126,000 after acquiring an additional 1,170 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in shares of LendingClub by 27.4% during the 2nd quarter. Teacher Retirement System of Texas now owns 23,822 shares of the credit services provider’s stock worth $131,000 after acquiring an additional 5,130 shares in the last quarter. Blair William & Co. IL raised its holdings in shares of LendingClub by 11.3% during the 2nd quarter. Blair William & Co. IL now owns 26,150 shares of the credit services provider’s stock worth $144,000 after acquiring an additional 2,650 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in LendingClub during the 2nd quarter valued at $150,000. Institutional investors own 86.45% of the company’s stock.
In other LendingClub news, major shareholder Tian Qiao Chen purchased 4,000,000 shares of the firm’s stock in a transaction on Thursday, December 7th. The stock was bought at an average cost of $3.80 per share, for a total transaction of $15,200,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Sameer Gulati sold 8,351 shares of the stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $5.64, for a total value of $47,099.64. Following the completion of the sale, the chief operating officer now owns 296,221 shares of the company’s stock, valued at $1,670,686.44. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 25,957,175 shares of company stock worth $100,843,283. 9.72% of the stock is owned by corporate insiders.
LC has been the topic of several recent research reports. Canaccord Genuity decreased their price target on LendingClub from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, November 8th. BTIG Research restated a “buy” rating and set a $9.00 price target on shares of LendingClub in a report on Wednesday, September 27th. Needham & Company LLC initiated coverage on LendingClub in a report on Wednesday, November 1st. They set a “buy” rating and a $7.00 price target on the stock. Maxim Group initiated coverage on LendingClub in a research report on Tuesday, November 7th. They issued a “buy” rating and a $8.00 price objective on the stock. Finally, Oppenheimer reaffirmed a “buy” rating and issued a $5.00 price objective on shares of LendingClub in a research report on Friday, December 8th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $6.54.
Shares of LendingClub Corp (NYSE:LC) traded up $0.15 during mid-day trading on Thursday, reaching $4.33. The company had a trading volume of 8,450,000 shares, compared to its average volume of 12,300,000. LendingClub Corp has a 12 month low of $3.29 and a 12 month high of $6.78. The company has a market capitalization of $1,800.00, a P/E ratio of -18.83 and a beta of 1.60. The company has a debt-to-equity ratio of 3.52, a quick ratio of 16.90 and a current ratio of 18.02.
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LendingClub Corporation provides online marketplace to connect borrowers and investors. Consumers and small business owners borrow through Lending Club. Investors use Lending Club to earn risk-adjusted returns from an asset class that has been closed to many investors and only available on a limited basis to large institutional investors.
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